Fitch takes a ‘circumspect view’ of Caesars’ plans to remodel Bill’s Gamblin’ Hall October 26, 2012 at 11:50 am Howard Stutz, LAS VEGAS REVIEW-JOURNAL Fitch Ratings Service weighed in on Caesars Entertainment’s plans to spend $146 million to remodel Bill’s Gamblin’ Hall and Saloon, saying Friday it had a “circumspect view” of the project. Caesars, which owns 10 casinos on or near the Strip, wants to remodel Bill’s, located at the corner of the Strip and Flamingo Boulevard, which includes adding a pool and nightclub - operated by Drai Management Group – on the roof of the casino. “The Drai’s financing is consistent with Caesars’ more recent transactions of carving out assets or selling assets from Caesars Entertainment to fund (capital expenditures) aimed at revitalizing the company’s Las Vegas portfolio of assets,” Fitch gaming analyst Michael Paladino said in a report to investors. He added that Fitch was concerned with the “project’s ability to ramp up to the extent that it will be able support Corner’s debt service on a stand-alone basis as well as the weak credit profile of Caesars Entertainment.” Caesars Entertainment has almost $20 billion in long-term debt, the highest figure of any gaming company. “Given the novel nature of the project and significant overhaul of target customer demographic, Fitch believes any forecast is subject to considerable variance.” Paladino said. Caesars Entertainment is expected to close the sale of its Harrah’s St. Louis for $610 million in November to Penn national Gaming. A bulk of the proceeds will likely be spent on project capital expenditures and maintenance on the company Strip resorts. Fitch assigned a ‘B-/RR2’ rating to the $185 million in proposed term loans being issued by Caesars. Contact reporter Howard Stutz at email@example.com or 702-477-3871. Follow @howardstutz on Twitter.